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The past 24 hours have seen Ripple rise by a total of 1.83%, bringing the current trading price up to around $0.3144, at the time of writing. The market is up by a total of 5% over the past 7 trading days but has lost 7.62% over the previous trading month.
Ripple is now ranked in 3rd position as it currently holds a t$12.68 billion market cap value. The 66 month old project has lost a total of 33% over the last 90 trading days as it currently trades at a value that is 91% lower than the all time high price.
Let us take a look at XRP/USD over the medium term and highlight any potential areas of support and resistance moving forward.
XRP/USD – MEDIUM TERM – DAILY CHART
Taking a look at the daily chart above for XRP/USD, we can see that price action had ended the year of 2018 strong as price action broke above the $0.40 handle. However, as 2019 commenced trading, we can see that price action has struggled as it has fallen throughout January 2019.
The price decline had found support at a short term downside 1.272 Fibonacci Extension level (drawn in purple) priced at $0.2924. AS the market had reached this area of support, price action experienced a bounce higher.
We can also see that during February 2019, the market has established a symmetrical triangle consolidation pattern as price action has traded within the boundaries of the triangle. The market has recently popped up above the upper boundary of the range as it attempts to break out. However, we must wait for the close of the candle before we can confirm this is a positive breakout toward the upside.
If the buyers continue to drive price action higher above the triangle, we can expect immediate resistance above to be located at the short term .786 Fibonacci Retracement level (drawn in green) priced at $0.3185.
Further resistance above can then be located at the short term 1.414 and 1.618 Fibonacci Extension levels (drawn in orange) priced at $0.3325 and $0.3385, respectively. This is then followed with resistance at the short term .618 Fibonacci Retracement level (drawn in green) priced at $0.3449.
If the bullish momentum continues to push XRP/USD further higher, we can then expect more resistance to be located at the short term .5 and .382 Fibonacci Retracement levels (drawn in green) priced at $0.3635 and $0.3821.
Alternatively, if the sellers step back in and begin to push price action lower, we can expect immediate support to be located at the short term .886 Fibonacci Retracement level (drawn in green) priced at $0.3028. This is followed with further support at the bottom of the triangle.
If the sellers continue to push price action below the triangle and below $0.30, we can then expect further support beneath to be located at the short term downside 1.272 Fibonacci Extension level (drawn in purple) priced at $0.2924.
The RSI has recently popped up above the 50 handle which indicates that the bulls are beginning to regain control of the market momentum. If the RSI can continue to climb we can expect Ripple to head higher toward the $0.40 handle, once again.